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Washington is just full of cliffhangers these days. One of them was resolved Friday -- at the last minute -- when the Department of Commerce approved a contract to run the main database of Internet domains. VeriSign, which has managed the registry since the Web's earliest days, won the work for another six years.

Over the prior six-year period, a rather generous contract promised VeriSign multiple automatic price increases. By this year, the Reston, Va.-based company was making $7.85 for every new or renewed dot-com domain.

The saga is Washington and Wall Street at its very best. Commerce kept VeriSign and shareholders guessing until the very last day; the company's prior deal expired on Friday. Investors, meanwhile, have sold first, saving the analysis for later.

A company that just got six years of revenue guarantees probably deserves better. On Friday morning, management was already talking about the likelihood of renewal in 2018, as well. Not many companies have that kind of visibility.

Gray Powell, who covers VeriSign for Wells Fargo, is sticking to his bullish assessment. He estimates that VeriSign's revenue is now likely to grow 7% a year, versus 11% under the old framework. That's still enough to drive 14% annual gains in earnings per share. For 2013, Powell pegs EPS at $2.22, putting the year-ahead price/earnings at 15. That multiple is 13, if you strip out $800 million in net cash. Historically, VeriSign has traded at a much larger premium to its earnings growth rate.

Since the 1990s, the company and its subsidiaries have been the exclusive registrar of dot-com names. That means basically every Website of commercial importance has been created and renewed through VeriSign's massive database. There are about 105 million dot-com addresses today. VeriSign also runs the ".net" database, which has another 15 million names. Combined, they represent half of all Web addresses.

The databases translate Web addresses into numerical IP addresses. Without the conversion, Internet servers have no way of understanding URLs like Barrons.com.

It's a highly profitable business, with operating margins of 45%. The Commerce Department was no doubt aware of the success when it decided to eliminate automatic price increases. On a conference call Friday, VeriSign's management said the renewal cleared the way for innovations from the company that include finding ways to monetize over 200 patents and patent applications.

With the bad news out of the way, VeriSign shares will likely work their way back to $40, right where they started the week.

Carriers constantly ping the database to direct calls around the country; that routing has become particularly complex owing to deregulation and the ability for customers to transfer numbers across carriers. Like VeriSign, NeuStar is reliant on government approval for its profitable contract. The current agreement runs through 2015, but the next deal is expected to be announced by the summer.

Investors have spent the past three years fretting about renewal, making for a volatile stock. But renewal is now looking more likely, and NeuStar is diversifying away from the core database, now about half of revenue.

The company used the reliable cash flow from its database business to help finance the $650 million purchase of TargusInfo in November 2011. The new offerings include products that track real-time locations for Internet and wireless phone users. It's an easy fit for NeuStar, and investors like the move.

Shares are up 25% in the past six months, ending the week at $40.20, near an all-time high. Analysts are still generally bullish, with an average price target of $45 on the stock.

VeriSign's selloff is a cautionary tale for NeuStar investors. But NeuStar has something to offer VeriSign, as well: Government contracts don't have to be an anchor on a stock. They're just as easily a springboard for growth.